Botanix Labs’ Spiderchain is making waves in the cryptocurrency space by introducing smart-contract capabilities to the Bitcoin network. Here are the key points highlighted in the announcement:
- Spiderchain’s Functionality: Spiderchain, developed by Bitcoin development startup Botanix Labs, is a layer-2 network designed to bring greater utility to the Bitcoin network. It allows any application or smart contract running on an Ethereum layer to be effectively copied and pasted onto the Bitcoin blockchain. This compatibility with the Ethereum Virtual Machine (EVM) layers enables seamless integration of Ethereum-based applications onto the Bitcoin network.
- Funding and Backing: Botanix Labs recently announced that it raised $8.5 million in funding for the development of Spiderchain, bringing its total backing to $11.5 million. Investors in this round included Polychain Capital, Placeholder Capital, Valor Equity Partners, and ABCDE.
- Testnet and Mainnet: Spiderchain’s testnet, initiated in November of the previous year, has seen significant activity, with over 200,000 active addresses and more than 10,000 experimental token launches. The team is gearing up for the release of the first mainnet version in the coming months.
- Bringing Utility to Bitcoin: Botanix Labs and Spiderchain are part of a broader movement to enhance the utility of the Bitcoin network. By introducing smart-contract capabilities traditionally associated with Ethereum, Spiderchain aims to transform Bitcoin into a global monetary network that not only serves as a store of value but also empowers individual sovereignty.
Armin Sabouri, co-founder of Botanix Labs, emphasized the significance of leveraging Bitcoin’s security and reliability to expand its functionality. With Spiderchain, the team aims to unlock new possibilities for the Bitcoin network and further establish it as a robust and versatile platform for decentralized applications.
